We filmed some video yesterday with www.YoChicago.com of a new town home listing at 4554 N Paulina #6. Afterwards, we took a ride around the southeast Ravenswood neighborhood. Check out the video drive with a little commentary by yours truly. I could probably have used a little more coffee though.

Tuesday, February 28, 2012

The double-lot shown below located at 4433 N Hermitage in Ravenswood was purchased last may for $905,000. A new custom luxury home rises on the land.

North Hermitage Avenue in Ravenswood has seen a boom in significant luxury new homes in the past couple years. The gorgeous blocks are known for original ornate structures (including the Abbot Mansion), wide lots, deep setbacks and mature trees. The 4 blocks between Montrose and Leland has once again become a destination for double and triple lot purchases where owners are building their custom dream homes.

Sunday, February 26, 2012

The skyline view is closer than it looks here. The "Big 3" Hancock Willis (Sears) and Trump towers all in view.

We showed our clients a top floor "penthouse" unit in Lincoln Park on the 1600 block of North Dayton on Saturday. The home gets unusually great skyline views from it's east facing, large terrace. The duplex-up home was nicely renovated and offered at $689,000. We'll see if the great location and "wow" views will be enough.

The basement level is finished with drywall, new windows, canned lights, heating system and half-bath. Three large rooms for office, family room/playroom and guest bedroom. Large utility area with laundry, double sinks, storage and mechanical.

Friday, February 24, 2012

Our clients check out the private terrace for a condo at 843 W Monroe. Nice! The unit sold in under 20 days.

We rushed to look at this terrace unit last weekend at 843 W Monroe last week. The clients liked the great West Loop location near grocery, restaurants and jobs in the Loop. The one bedroom plus den (with Murphy Bed), two baths unit asked $265,000 plus $25,000 for deeded garage parking (not my listing). The assessments were low and building in great shape.

The terrace at 843 W Monroe. The bright south facing open space was great.

Thursday, February 23, 2012

One of our single family home listings is located near Selmarie in Lincoln Square!

If you are in the market for Lincoln Square and Ravenswood town homes or single family homes, we have a couple new listings (pocket listings) hitting the market next week in the $375,000-$750,000 range. If you are looking for homes in this range, please contact us for first looks. We do require our clients consult with a mortgage broker or their bank and get mortgage pre-approvals prior to showings (proof of funds please for cash buyers).

If you have questions about buying, selling or pre-approvals, give us a call. We've referred our associate lenders and attorneys to many happy clients. Bob and I go the extra mile to make sure everyone is on the same page and we all have proper expectations for buying and selling homes. No funny business!

Our Ravenswood town home listing coming on next week is steps from City Provisions!

Large one floor and duplex high floor condos (2000 sq/ft plus) seem to be moving...at least the ones we want. Photo of 432 W Grant Place, Lincoln Park. Eric Rojas

I've been putting together a schedule for my buyer clients. They are in the $600K-$700K condo range with some more room for higher assessments. They would love top floor, 3 beds, big open space...you know, "wow" stuff. The top 3 places in Lincoln Park and Lake View of about 7 we've identified are all under contract this week. We did view one of the three last week. Now that it's sold (under 30 days) the buyer clients have a little more perspective and know what they really want.

I can't stop talking to friends and neighbors about how much I've enjoyed this "non-Chicago like" winter. There's been not one week where I couldn't run in Winnemac Parkin clear weather or comfortably take the kids outside somewhere.

Tuesday, February 21, 2012

Just south of the West Belmont boundary of popular Roscoe Village in the North Center Community is the area commonly known as "Hamlin Park". For this purpose, I use the streets North Ravenswood to North Western Avenue (east to west) and West Belmont to West Diversey (I do not cross the angled North Clybourn on the southern border). It forms a sort of triangle area bordered by major streets and the Metra tracks.

37 single family homes closed in 2011 for a median price of just over $700,000.The high was a newer construction home with terrific over-the-top finish level at 3105 N Wolcott for $1.6 million and the low a pretty bombed out frame foreclosure at 2132 W Fletcher for $260,000. 4 homes have sold in 2012 so far with prices of $325K, $425K, $855K and $860K.

Just north in Roscoe Village in 2011 (Belmont to Addison, Raveswood to Western) 49 single family homes closed for a median of about $870,000.So far in 2012 only one single family home has closed in the Roscoe Village borders...a new construction house at 3435 N Leavitt for $1.2 million.

Newer construction homes and renovations ring Hamlin Park.

Homes in this swath of Hamlin Park are priced and sold considerably less than it's adjacent neighbor of Roscoe Village just north of Belmont Ave. So, you can benefit from Roscoe Village boutique retail, entertainment and restaurants along with other neighborhood shopping amenities to the north AND south (Costco for one). Easy access to other parts of the city and highway can be had on Clybourn or Damen and you'll be closer to Hamlin Park itself for less money.

We represented a client of ours on a foreclosure home purchase in the Hamlin Park area recently. He got a great value compared to similar sized single family homes nearby.

Monday, February 20, 2012

Here our clients view a newer construction, modern condo unit that may fit the bill. It's cheaper to own than high-rise or a converted loft building renovations but more rare to find a "wow" factor.

Our buyer clients are looking for modern, big open 2400 sq/ft plus space on the Near North side to Lincoln Park with "wow" factor. This often means big monthly assessments. We have to take all costs into consideration and get creative when looking for modern aesthetic condo homes that meet a client's budget.

Large, one floor spaces or appropriate duplex-up spaces are often located in high-rise buildingswith "combined units". In the Near North Side (Gold Coast, River North, Old Town), this can mean assessments well over $1,000 a month. Another option is a converted industrial loft space in a former warehouse. These offer the most flexibility in layout. But large spaces, over 2400 sq/ft for example, are a little more rare in Lincoln Park and Near North locations...and can easily approach $800,000 plus.

A unit at 1620 S Michigan featured a 550 sq/ft deck with pergola (Photo Eric Rojas)

We were out this weekend showing condos in the South Loop to buyer clients. We identified several units that had great outdoor space. The unit shown above at 1620 S Michigan had a 550 sq/ft terrace off the two bedrooms, one bath condo unit with garage parking. The asking price was $275,000 with a $354.00 assessment.

The terrace had open exposures, but, a vacant build-able lot was behind the building (Photo Eric Rojas)

Our first-time buyer clients will have to make a choice: Do they want a little smaller condo with only one bathroom, but have a tremendous outdoor terrace? Or, they may opt for a two bedrooms, two baths home with a smaller balcony...but interior space a finish may be better. The South Loop location is perfect for their busy professional lives and commutes.

Saturday, February 18, 2012

We have a couple prospective candidates for Amundsen High School's Local School Council signed up to address Winnemac Park Neighbors in Ravenswood this Tuesday February 21st, 7PM at Dolce Casa Cafe (4947 N Damen). If you are running for LSC at Chappell, McPherson or Amundsen High Schools...please contact info@winnemac.org to address an upcoming meeting prior to the election.

Friday, February 17, 2012

The two beds one bath condo is in a popular well managed building just off the Clark Street retail and restaurant mecca of Andersonville, Chicago. The home is a top floor, corner unit.In-unit washer and dryer, hardwood floors, central air conditioning and heat, deck off the kitchen, large storage room in the basement and a terrific furnished and landscaped back courtyard for owners' use.

Wednesday, February 15, 2012

Lincoln Square and Ravenswood residents have been asking me for years about these large vacant lots along the 4800 block of North Damen Avenue.

Bob and I were recently told by local developer that he's purchased the long vacant 6 city lots on the 4800 block of North Damen Avenue in the Ravenswood neighborhood (greater Lincoln Square Community Area). Candea Development is planning to build quality, luxury condo units.

Vacant lots on Damen, looking southeast.

Looking northeast

The lots have long been an eyesore since another eyesore -a beat up commercial strip mall- had been torn down over 4 years ago. The original developer way back planned a 14 unit condo building from what I heard.

The new owner and developer of the lots sent along this photo below of the type of buildings he plans to construct on the lots...I believe there would be three buildings.

This is an existing project by Candea development...similar buildings could find a home on Damen.

This Damen location in Ravenswood is a great candidate for continued condo and apartment density now that we see the real estate market settling a bit. Already an established community with great amenities...the Damen Brown Line is a couple blocks away, Ravenswood Metra stop a few blocks, a brand new Mariano's Fresh Market in development a couple blocks east, close to the Lincoln Square retail/ restaurant strip, Winnemac Park and new, high-end Lycee Francais school in development a few blocks south.

Below are some examples of existing condo developments along the block...some re-sales less pummeled by the market than others.

The CTA Brown Line is in site along with several convenient amenities like an Budacki's (for Italian Beef!) Crystal Cleaners, Bagel on Damen, Thai restaurants, coffee shops, brunch joints, CVS (yes CVS!), grocery, tailors, hair salons, phone and electronics stores, a Sears store etc.. And, this stretch of Damen Avenue maintains a more residential feel rather than commercial.

The CTA Brown Line is close, but not TOO close.

Candea development has offered to address the project at one of our local neighbor group meetings in Ravenswood (check out www.winnemac.org and sign up for updates). It's an interesting development as there have been NO new construction condos built for almost three years in Lincoln Square.

Sold! North Center Land for Sale: Coonley School District $190,000

Real Estate Broker and Author of this Blog

I am a Chicago real estate broker who began writing this blog in 2005. My group represents clients buying, selling and renting properties. I've been awarded Top 5% in sales volume for Chicago Association of Realtors every year from 2006-2015. Thanks for reading and working with us!
All posts and photos are by Eric Rojas and Bob DePalma unless otherwise noted. Contact us at erojas@kalerealty.com for great service!